FX.co ★ Daily analysis of GBP/JPY for May 21, 2018

Overview

The moving average 55 is forming a strong barrier at 149.85, but the stability of GBPJPY within the bullish channel's levels will increase the chances to gather positive momentum in the near period. This increases the chances to make the required breach, aiming for the main upward targets during its rally to 150.80 and 152.00. As Stochastic surpasses the overbought level, this might force the price to extend sideways trading, but that will increase the chances to gain new bullish momentum in the near period. The expected trading range for today is between 149.00 and 150.80.